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So close to being mortgage free!!

I took out a 5 year fix with Nationwide in November and a matter of weeks later I inherited some money and these funds are now in my bank and can clear the mortgage.

I've had a quote from Nationwide for this, but it includes 100% of the interest over the rest of the term! This year I've made the max overpayments I can make, but was wondering what you guys suggest I might do on this? To me the only option is making the max overpayments I can each year and just annoyingly pay all the interest?


Thanks,

John

Comments

  • beanielou
    beanielou Posts: 96,345 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    grecianite wrote: »
    I took out a 5 year fix with Nationwide in November and a matter of weeks later I inherited some money and these funds are now in my bank and can clear the mortgage.

    I've had a quote from Nationwide for this, but it includes 100% of the interest over the rest of the term! This year I've made the max overpayments I can make, but was wondering what you guys suggest I might do on this? To me the only option is making the max overpayments I can each year and just annoyingly pay all the interest?


    Thanks,

    John

    Will the interest decrease over the term?
    ie will the amount you pay as an early repayment decrease each year?
    What is in your original offer?
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • savingholmes
    savingholmes Posts: 29,052 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Can you put the money in high interest savings and keep paying the mortgage in the meantime? I know it is frustrating but I would earn more from savings than my mortgage rate... You may as well earn interest while you wait or talk to a financial adviser about investing. Someone who has a good track record of safe investments and can teach you. Don't invest anything in something you don't understand.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.8K Net savings after CCs 13/9/25
    3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
    (If took bigger lump sum = 54.5K or 42.7%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 13/9/25
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